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The cryptocurrency market has been hit by the new news of spot bitcoin ETF approval and many are anticipating the start of a bull market. Bitcoin has limited room for growth due to its price and market capitalization, so many traders are looking for cryptocurrencies with greater growth potential. We also invested in what we believe are the best altcoins. What were they?
Best altcoins to expand your portfolio
- Internet Computer – Blockchain network that aims to bring greater efficiency, speed and decentralization of computing and data storage
- Injective – A DeFi protocol that enables the creation of decentralized exchanges, derivatives and other financial products
- Optimism – A Layer 2 solution to increase the speed and scalability of the Ethereum network
- Kaspa – Altcoin based on proprietary, proprietary DAG technology that provides a secure and efficient infrastructure for data storage and payment transmission
Internet Computer – Blockchain network that aims to bring greater efficiency, speed and decentralization of computing and data storage
Internet Computer is characterized by the fact that it is not a typical platform for smart contracts. ICP’s goal is nothing less than to replace the entire Internet as we know it. The platform behind startup Dfinity can be defined as a project to expand access to the Internet, remove the monopoly established by large technology companies, and offer developers, users and enterprises a mechanism to deploy “software and services directly to the public Internet.”
ICP launched in May 2021 and immediately became one of the largest blockchain projects on the market. The Internet Computer platform provides instant access to dApps (decentralized applications) using blockchain and cloud technologies. Internet Computer allows developers to build and host applications on the blockchain and users to use them directly in the browser. This platform provides scalability, security and instantaneous fluidity, which means that applications running on an Internet-based computer run without lag.
This is a unique project in which the idea of decentralization is fully implemented. However, this does not apply to the field of electronic money, but rather to the global cloud infrastructure. It can be called the “World Computer”, which aims to replace traditional IT technologies. In this way, a new generation of Web3 applications and services is created that fully runs on the blockchain. ICP is considered to be an improved version of Ethereum network capabilities.
Internet Computer offers a number of advantages over traditional hosting platforms. First of all, it provides instant access to applications without the need to install them on the computer. In addition, the use of blockchain technology makes this platform more secure and decentralized than traditional solutions. The native altcoin ICP is currently more than 98% below its ATH and is ranked 16th in the list of the largest cryptocurrencies on CimMarketCap.
Injective – A DeFi protocol that enables the creation of decentralized exchanges, derivatives and other financial products
Injective is a unique blockchain where developers can find robust ready-to-use modules such as a fully decentralized order book that can be used to build a diverse range of sophisticated applications. Additionally, Injective is an open, interoperable platform for smart contracts. Injective is built using the Cosmos SDK and facilitates high-speed cross-chain transactions on the largest Tier 1 networks such as Ethereum and Cosmos Hub.
The Injective ecosystem provides unlimited and unprecedented access to decentralized financial markets, products, services and tools. Users can create any financial market using Injective’s secure and fully decentralized exchange protocol. Injective’s trading infrastructure is fully powered by a central limit order book that integrates the user-friendly interface and speed of centralized exchanges with the transparency of decentralized exchanges.
The unique decentralized protocol is able to support cross-chain trading of cryptocurrencies, perpetuals, futures and various assets on multiple blockchains. The Injective ecosystem includes more than 100 projects and more than 200,000 community members from around the world. The project is supported by a group of prominent investors such as Binance, Pantera Capital and Mark Cuban.
INJ is a native altcoin of the protocol. It is an asset that is used for management, liquidity extraction and staking. 60% of all trading fees go into buying back and burning INJ every two weeks, allowing the INJ stock to decrease over time. There are currently 83.7 million INJ tokens in circulation with a market cap of $3.2 billion. This ranks the cryptocurrency in 30th place in CoinMarketCap’s list of the largest cryptocurrencies.
Optimism – A layer 2 solution that aims to increase the speed and scalability of the Ethereum network
Blockchain Optimism uses the Optimistic Rollups technology, which reduces transaction fees tenfold compared to the first layer of the Ethereum network. At the same time, it enables the easy implementation of any smart contracts and decentralized applications written in Solidity. The Optimism network has a capacity of 200 to 2,000 transactions per second. According to the data available on the DefiLlama website, Optimism is among the top tier 2 networks in terms of number of protocols in operation and liquidity.
The essence of the technology is that transaction processing and smart contract execution take place in the Layer 2 network, while the main Ethereum network is tasked with generating blocks and ensuring security. Optimism uses its own Optimistic Virtual Machine (OVM), which allows smart contracts and decentralized applications written for Ethereum to run without modification on the Layer 2 network. To increase the speed of transaction processing, OVM works without checking the authenticity of each transaction. This means that unlike the Ethereum mainnet, on the Optimism network every transaction is considered real until proven otherwise.
To ensure security (e.g. to prevent double spending), OVM allows network participants to dispute the authenticity of transactions. Special computing nodes, called sequencers, aggregate hundreds of transactions made on the Layer 2 network into compact “accumulation packets” that are incorporated into blocks on the Ethereum core network. Another type of nodes, validators, can challenge the authenticity of transactions sent by sequencers within a week. If the transaction is disputed by the validator, the entire packet is verified by comparing the root states before and after the transaction.
If the check shows that the offer is false, the entire transaction packet and the corresponding block are rejected, the vigilant validator is rewarded, and the sequencer is penalized. The ecosystem’s native token is called OP. This altcoin is currently ranked 28th on CoinMarketCap’s list of the largest cryptocurrencies with a market capitalization of more than $3.3 billion.
Kaspa – Cryptocurrency based on proprietary, proprietary DAG technology that provides a secure and efficient infrastructure for data storage and payment transmission
Kaspa is a altcoin based on proprietary DAG (Directed Acyclic Graph) technology. Thanks to this technology, transactions made with Kaspa are faster and cheaper than with other cryptocurrencies. One of the key features of Kaspa is its unique implementation of the Bitcoin protocol, which ensures compatibility with existing payment systems. Thanks to this, Kaspa can act as a complement or alternative to payment systems based on traditional currencies. Kaspa also offers many other benefits, such as easy integration with other projects, high scalability, low transaction costs, and user security and privacy.
Kaspa works on a peer-to-peer basis, which means that transactions are carried out directly between users, without intermediaries. Each user has their own copy of the ledger, which is used to verify transactions. Using DAG technology, Kaspa offers exceptionally high performance and scalability. DAG allows transactions to be processed in parallel, which means that the more users there are, the faster and more efficient the network becomes.
Kaspa’s mainnet currently processes one block per second, but “the developers aim to significantly increase the number of blocks per second, which will attract the development of smart contracts and DeFi.” This makes Kaspa one of the fastest PoW-based blockchains. Unlike Bitcoin and other PoW systems such as Bitcoin Cash, Litecoin and ZCash, Kaspa has such high transaction processing speeds that it has the potential to become a global peer-to-peer payment platform. This effectively makes it a competitor to Bitcoin, even assuming the widespread adoption of the Lightning Network.
Kaspa (KASP) is a project that seeks to solve significant performance and scalability issues in blockchain technology. Its innovative approach to dynamic block size and decentralized emission opens the door to new opportunities and perspectives in the cryptocurrency world. Token KAS currently has a market capitalization of $2.5 billion, which is good enough for it to rank 38th on CoinMarketCap’s list of the largest cryptocurrencies.